Singapore legislation
Clause 34
Clause 34
Transitional licensing provisions
(1)
Notwithstanding the provisions of sections 3 and 4 of this Ordinance any bank specified in the Third Schedule to this Ordinance which on the 1st day of January 1961 was carrying on banking business in Singapore shall, subject to the provisions of subsection (2) of this section, upon the coming into operation of this Ordinance be granted a licence, which may be made subject to such conditions, if any, as are contained in any licence under which the bank was carrying on banking business in Singapore immediately before the date of such coming into operation.
(2)
No bank shall be granted a licence under subsection (1) of this section, nor shall any bank licensed thereunder carry on business in Singapore without the written consent of the Minister, if —
in the case of a bank whose head office is in Singapore, its capital issued and paid up is less than two million Malayan dollars;
in the case of a bank whose head office is situated outside Singapore, it holds less than two million Malayan dollars in Singapore in respect of its business in Singapore, in the form of immovable property, or such other kinds of assets as the Minister may approve, or both:Provided that the Minister may issue a licence to any bank referred to in subsection (1) of this section which does not conform to any of the provisions of paragraph (a) or (b) of this subsection for such period, not exceeding ten years from the date of the coming into operation of this Ordinance, as may be specified in such licence.